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Helping to Build Net Worth One Dollar at a TimeFri, 16 Feb 2018 13:49:39 +0000en-UShourly1https://wordpress.org/?v=4.9.3https://www.onesmartdollar.com/wallet-app-review-new-favorite-budget-app/Wallet App Review: Your New Favorite Budget Apphttp://feeds.feedblitz.com/~/526785030/0/feedblitz/onesmartdollar~Wallet-App-Review-Your-New-Favorite-Budget-App/
http://feeds.feedblitz.com/~/526785030/0/feedblitz/onesmartdollar~Wallet-App-Review-Your-New-Favorite-Budget-App/#respondFri, 16 Feb 2018 12:38:02 +0000https://www.onesmartdollar.com/?p=7968 There are a bunch of budgeting and financial management apps available. No matter who you are, you should probably consider using a budget tracking app. But lately, my favorite financial tracking app has been Wallet from BudgetBakers. It’s available on Google […]

There are a bunch of budgeting and financial management apps available. No matter who you are, you should probably consider using a budget tracking app. But lately, my favorite financial tracking app has been Wallet from BudgetBakers. It’s available on Google Play or the App Store, and it’s a great tool whether you’re just starting to get a handle on your finances or you’re an old pro.

Wallet helps build a healthy relationship with your finances

If you think that it’s enough to just look at your bank account to keep track of your spending, think again. Not only will Wallet allow you to set a budget and track your expenses by category, you can use Wallet to create a budget forecast based on your past spending habits. This allows you to get a full view of how your spending affects your life. There’s also great cash flow reports, allowing you to answer the question “Where’s my money going?”

Customize what you see

Even in its free version, Wallet has some awesome features that you can use to get a completely individualized experience. You have unlimited labels — to help with grouping and sorting your expenses and income. For anyone who loves an eye-catching design or has a type A brain like me, that color-coding factor is amazing. It’s like taking a highlighter to your finances, but for the 21st century.

Setting goals with Wallet

In my opinion, the goal setting features are what make Wallet really stand out. I’m in the process of planning for some big expenses over the next few years – a wedding, a honeymoon, and a down payment. Wallet makes it super easy for me to set spending and saving goals so that I can confidently plan for those major (expensive!) milestones.

Even if you’re not planning something big, you should consider using the goal-setting features to help you save for a vacation or something special. If you deserve it, Wallet can help you figure out how to afford it without going off-track.

Bringing your budget to life

If you haven’t figured it out by now, Wallet is pretty powerful. There’s a lot of awesome features for you to explore. But honestly, some of my favorite aspects of this app is how seamlessly it fits into my day-to-day. Wallet lets me see my balance from the home screen on my phone, which is awesome if I just want to get a quick check on my balance. There’s also a handy dashboard on the app that has a balance chart, so I can easily see my balance details at a glance.

The app is PIN-protected, so if you lose your phone, your financial info will still be safe and secure. And luckily, you can log in from your desktop as well. Because how else will you figure out if you can afford to upgrade your replacement phone?

Upgrade to subscription packages for even more

The free version of Wallet is fantastic and will be exactly what most people need. But there are other versions of Wallet that you can upgrade to as well via a subscription, depending on what you’re looking for. Both Android and IOS are different, so I’ve split them up here.

Android Wallet Subscriptions

For unlimited account syncing, and the ability to share Wallet with your partner, the Master version is the best choice. That souped-up version also includes unlimited colors for labels, the option to export your data, a payment planner and calendar, and beautiful pie charts to get a deeper understanding of your financial picture.

The Starter version has features in between the two, which is a great choice if you want more details in your analysis and reports but aren’t going to need to share Wallet with another user.

iOS Wallet Subscriptions

There are only two versions of Wallet for iOS: free or premium. You can’t yet share Wallet with your partner on iOS, which is a bummer, but the Premium version is still pretty amazing. You get unlimited account syncing, plus all the sharp, helpful visuals that help you understand the big picture.

Get started

If you’re ready to take control of your finances with an app that’s both intuitive and powerful, you need Wallet. Visit the App Store or Google Play to download it now.

Want to learn a little more about how Wallet can help you? Check out this video.

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http://feeds.feedblitz.com/~/526785030/0/feedblitz/onesmartdollar~Wallet-App-Review-Your-New-Favorite-Budget-App/feed/0https://www.onesmartdollar.com/how-much-debt-is-too-much-debt-financial-wellbeing/How Much Debt is Too Much Debt for Your Financial Wellbeinghttp://feeds.feedblitz.com/~/526201252/0/feedblitz/onesmartdollar~How-Much-Debt-is-Too-Much-Debt-for-Your-Financial-Wellbeing/
http://feeds.feedblitz.com/~/526201252/0/feedblitz/onesmartdollar~How-Much-Debt-is-Too-Much-Debt-for-Your-Financial-Wellbeing/#respondWed, 14 Feb 2018 13:12:17 +0000https://www.onesmartdollar.com/?p=7940Debt is a hydra-headed issue that keeps many people stuck in a bottomless financial pit. For perspective, the total credit card debt for U.S. consumers has crossed the $1 trillion milestone. Student loan debt has been increasing steadily for every demographic since 2004. And a 2017 survey showed that only 34 percent of middle-income Baby […]

Debt is a hydra-headed issue that keeps many people stuck in a bottomless financial pit. For perspective, the total credit card debt for U.S. consumers has crossed the $1 trillion milestone. Student loan debt has been increasing steadily for every demographic since 2004. And a 2017 survey showed that only 34 percent of middle-income Baby Boomers aged 52 to 74 years old will be able to retire without debt wiping off their retirement savings.

America seems to have a permissive culture of debt. The availability of financing makes it easy for many to spend money they don’t have on stuff they don’t need. The more unfortunate thing about debt is that it doesn’t happen overnight. Instead, it creeps up on you stealthily until its ravages all of your finances. If you are feeling helpless on how to manage your debt, you may want to seek help in debt counseling programs. If you’d rather go at it alone, this piece provides actionable insight to know how much debt is too much. That way you can start taking proactive steps to get your finances back in order.

You are living paycheck to paycheck

The first sign that you might be neck deep in debt is when you are living from paycheck to paycheck. Trying to stretch your income to cover expenses from one payday to the next suggests that you probably don’t have a buffer cash or emergency savings fund. Hence, in the event of an unexpected financial commitment, you’ll most likely need to borrow money or charge the expense to a credit card. The worst part of living from paycheck to paycheck is that you won’t have any savings, you might not be able to invest, and your financial well-being is dependent on your ability to keep your job.

Your loan payment cost more than your rent/mortgage

Ideally, your living expense should not be more than 30 percent of your income. If your debt payments take a larger percentage of your income than your housing payment, you are throwing a double mortgage down the drain without earning home equity in return. Of course, your debt payment can be higher than your mortgage if you are trying to deal with high-interest debt by paying it off – but that’s for a predefined financial objective. A situation in which your debt payment is consistently more than your rent/mortgage will land you in financial ruin. The last thing you want is to not have money left over for other important things.

Your balances are increasing instead of reducing

The third sign you are already wallowing in debt is when you observe that you are scarcely paying down debt. Take the time to track your finances. You can easily know if you’re paying down debt and estimate how long it will take to become debt free. The problem is that many people don’t take the time and effort to track their finances. You pay your bills, pay the balances on your credit cards, and put whatever is left (if any) into savings. There is already in too much debt if you notice your debt balance remains unchanged or is creeping up.

You have a negative net worth

Your net worth is a financial calculation that subtracts your liabilities (the things you owe) from your assets (the things you own). Whatever is left over after the calculation is a decent indicator of your financial well-being. Ideally, you should have some money left over after your liabilities have been deducted from your assets (positive net worth). In some cases, your net worth might be zero, in which case your assets are equal to the size of your liabilities – and you should be worried. However, when the value of your liabilities are more than the value of your assets (negative net worth), you are already in a financial mess.

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http://feeds.feedblitz.com/~/524223774/0/feedblitz/onesmartdollar~Ways-to-Cut-Costs-and-Save-Money-This-Month/#respondThu, 08 Feb 2018 16:56:36 +0000https://www.onesmartdollar.com/?p=7924Healthy and long-term lifestyle habits are built by making small, incremental changes. The same is true when it comes to your financial health; you have to pace yourself. Savings goals should be treated like anything else — don’t bite off a bigger goal than you’re able to chew and keep down. Rather than setting sweeping […]

Healthy and long-term lifestyle habits are built by making small, incremental changes. The same is true when it comes to your financial health; you have to pace yourself. Savings goals should be treated like anything else — don’t bite off a bigger goal than you’re able to chew and keep down.

Rather than setting sweeping savings targets, it makes more dollars and sense to break it down. Use monthly, weekly, and daily actions you can take to support a sustainable savings habit. This way, you’ll be rewarded regularly for completed tasks rather than straining to reach a number.

Here are four bang-for-your-buck ways to yield monthly savings.

Unsubscribe From Retail Emails & Sales Alerts

You had good intentions when you signed up for that company deal newsletter. Many people make a commitment to only buy something if it’s on sale. But this kind of thinking can quickly lead to the bad habit of buying something you wouldn’t have spent money on in the first place, simply because you’re getting a good deal. For some people, bargain hunting may even become addictive.

Consumer psychologist Dr. Dimitri Tsivrikos says, “Brain studies have shown that when we are excited by a bargain, this interferes with your ability to clearly judge whether it is actually a good offer or not.”

At the end of the day, good deals and sales are marketing tactics designed to get you to spend money. Avoid the constant temptation by cancelling those emails and alerts. In an article for Time, finance journalist Mark Ellwood reminds us that “in our search for bargains, we would do well to ask ourselves whether we are really trying to economize or whether we’re being driven by an even stronger impulse: the chemical drive to get a good price.”

Cut Cords and Contracts

We now live in a pay-as-you-use-it economy where it’s more cost efficient to borrow, rent, and noncommittally subscribe to your own wants and necessities. This means it’s time to break up with landlines, cable companies, and contracts that lock you in for a year or more. All of these traditional models are designed in a way where you end up paying for excess services or products that you don’t use.

For example, ditch your big fish cell phone service plan and exchange it for a no-contract or other economical option. Project Fi is Google’s most recent venture where an individual pays per GB of data up to 6GB (after 6 GB, it’s free for the rest of the month). Straight Talk is another good option with unlimited data plans as low as $35 a month.

Buy From Direct-to-Consumer Companies

Realistically, you’re going to shop on a regular basis. Severely limiting your spending to next-to-nothing isn’t the most sustainable saving solution. Instead, become more mindful about how and where you spend rather than always zeroing in on how much. One example is shifting your spending to Direct-to-Consumer (DTC) companies.

More consumers now prefer to shop from businesses with DTC models that directly engage customers via digital channels. And it’s with good reason. DTC startups are able to give shoppers a better deal than the traditional retail model by avoiding retail markups. Think Harry’s, who manufactures and sells razors and basic grooming products for a fraction of what you’d typically spend in the store. In fact, one UK study found that the store markup on Gillette razors was 4,750%.

The number of manufacturers selling directly to consumers was expected to grow 71% in 2016 to more than 40% of all manufacturers across industries. Do your homework to find DTC options for the things you need to buy regularly. Here’s a list of other products with high retail markups.

Conduct Self-Improvement Experiments

According to science, there are tangible, bad behavior-busting benefits to conducting experiments on yourself.

Clinical Psychologist Joel Minden suggests that, “instead of trying this or that to correct the problem, consider taking a systematic approach.” He reminds us that “haphazard problem-solving often brings more frustration and confusion than answers. Scientists use experimental designs to understand cause and effect relationships. You can use a single-subject (yourself) experimental design to do the same thing.”

One writer famous for his self-improvement experiments and challenges is David Cain. Most recently, he speculated about the challenge of embarking on what he calls a depth year, where “no new hobbies, equipment, games, or books are allowed during this year. Instead, you have to find the value in what you already own or what you’ve already started.”

A side effect of such an experiment would of course be saving money, and lots of it.

The consumer economy nurtures this sweet tooth. There’s just so much money to be made in selling people new paths—new equipment, new books, new possibilities. The last thing marketers want is for people to get their excitement and fulfillment from what they already have access to. They would hate for you to discover the incredible wealth remaining in what you already own. — David Cain

Attempting a depth year may be too much, however. Instead, rotate through different experiments designed to save you money in some way each month. For example, after your depth month, spend 30 days living as a freegan.

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http://feeds.feedblitz.com/~/523440336/0/feedblitz/onesmartdollar~Stash-vs-Acorns-Where-Should-You-Invest-Your-Money/#respondTue, 06 Feb 2018 16:41:45 +0000https://www.onesmartdollar.com/?p=7918Thanks to technology, we’ve seen a lot of great advancements in financial tools. There are now more tools than ever that make it easier to invest with smaller amounts of money. Two of my favorite easy, low-maintenance, high-quality investment apps are Stash and Acorns. They work a little differently, but I use both consistently to […]

Thanks to technology, we’ve seen a lot of great advancements in financial tools. There are now more tools than ever that make it easier to invest with smaller amounts of money. Two of my favorite easy, low-maintenance, high-quality investment apps are Stash and Acorns. They work a little differently, but I use both consistently to help me reach my savings goals. If you’ve heard about Stash or Acorns but you weren’t sure if they were for you, then this article is sure to help you make that call! Keep reading as we discuss Stash vs Acorn.

What is Stash Invest?

Stash is an investment app that makes investing fast, easy, and best of all, cheap. They have over 30 ETFs available with low expense ratios, so more of the money you invest actually gets invested. Plus, they have fun names like “American Innovators” and “Live Long & Prosper.” You can invest in any variety of funds, and set up automatic purchases to take the hassle of investing out of your life completely. Set it, forget it, and watch your wealth grow.

How much does it cost to use Stash?

Stash charges a simple $1/month for any accounts under $5,000. Accounts with a balance of over $5,000 are charged a 0.25% fee. It’s free to open a Stash account, and you can start investing with as little as $5.

Is Stash a retirement account?

It can be! Stash recently added retirement accounts with the same great Stash flair and ease. For as little as $15, you can open a retirement account in the form of a Roth or traditional IRA. The management fee is only $2/month if you have a balance less than $5,000. For higher balances, Stash charges a flat fee of 0.25%. That’s way less than most retirement account managers!

Who Should Use Stash?

Stash is best for people who want to learn more about investing without sinking their life savings into one particular stock or fund. You’ll get a great amount of variety without having to make any long-term commitments or deal with the complexity of robo-advisors. There are some quizzes you can take to find out which investments align the closest to your needs, so you can get a little extra guidance if you need it. It’s free for the first month, so there’s no harm in giving it a try!

How Does Acorns Work?

Acorns is an investment app that rounds up your purchases to the nearest dollar and then moves the difference straight into your investment account. You can also make investments directly if you want to invest more than just your spare change.

Notably, Acorns has partnerships with some companies to give you rebates when you make purchases, like Blue Apron, Jet, and Airbnb. They have ETFs from six different asset classes, and all of them have low expense ratios to keep your costs to invest down.

How much does it cost to use Acorns?

Acorns costs the same amount as Stash, which is why I can afford to use both. Acorns charges a simple $1/month for any accounts under $5,000. Accounts with a balance of over $5,000 are charged a 0.25% fee. It’s free to open an account, and you can start investing with as little as $5.

Is Acorns a retirement account?

Nope. Acorns only offers individual non-retirement accounts. That means you can’t use Acorns to open an IRA.

Who Should Use Acorns?

If you’re a college student, you should sign up for Acorns immediately because college students get up to four years FREE – which is like $48 free dollars, if you add it up. Acorns is also a fantastic tool for anyone who is more of a spender than a saver. It makes saving effortless and automatic.

What do they have in common?

Both Stash and Acorns offer ETFs with low expense ratios, which helps you get more bang for your buck. With both apps, you’re on your own – these aren’t robo-advisors like Wealthfront or Betterment.

If you want to ask a human about your investment choices, neither of these apps offer that. But that’s OK! The way I see it, everyone can afford to make a $5 mistake every now and then. And both of these apps make it super easy to sell if you change your mind or want to cash out.

Why do you use both?

Fair question. If Acorns and Stash do pretty much the same thing, then what’s the point of using both? Answer: I’m a natural spender. Using Acorns allows me to turn my spending into a productive habit. I wish there was an app that did that for calories! I use Stash too because having investments in two places makes it easier for me to stay on track. If you’re just getting started with investing, I’d recommend starting with just one app and only adding another if you’re really interested, because otherwise you’ll end up paying more in fees.

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http://feeds.feedblitz.com/~/522210360/0/feedblitz/onesmartdollar~How-Much-Should-I-Have-in-My-k/#respondFri, 02 Feb 2018 12:30:19 +0000https://www.onesmartdollar.com/?p=7908Your 401k is one of the best tools you have when it comes to saving for retirement. And like every financial tool, it’s most powerful when you know how to use it. Whether you’re thinking about opening a 401k for the first time or getting ready to make your first withdrawals, this guide will give […]

Your 401k is one of the best tools you have when it comes to saving for retirement. And like every financial tool, it’s most powerful when you know how to use it. Whether you’re thinking about opening a 401k for the first time or getting ready to make your first withdrawals, this guide will give you a sense of what you need to know.

How to Set Up a 401k

A 401k is a type of retirement savings account that is sponsored by your employer. Your company may offer something slightly different, like a 403(b), which is essentially the same thing. Either way, nearly all employer 401k accounts can be set up to invest a portion of your paycheck before taxes are taken out.

Some employers set up 401k accounts for their new employees automatically. Other companies require employees to take a few steps to set up the 401k themselves. If you’re not sure which way your company does things, simply ask your HR representative. Part of setting up your 401k is deciding how much of your income to contribute. That number can change depending on where you’re at in your career, so let’s break it down.

How Much Should I Have in my 401k?

As of 2018, the maximum amount any individual can contribute to their 401k is $18,500. If you’re over 50, you can make additional catch-up 401k contributions of $6,000 annually. As you’re setting up your 401k, always double-check to see if your company offers a match. In almost all cases, it’s best to contribute enough to maximize your employer’s match. Because if you don’t, you’re just leaving money on the table!

In Your 20s

Budding young professionals should start their 401k contributions as soon as possible. Even if you feel spread thin with student loan payments and other expenses, saving for retirement should always be one of your priorities. That’s because the sooner you invest, the longer your money has to grow. A good rule of thumb is to contribute the minimum needed to earn the maximum match from your employer or 5%, whichever is higher. In your 20s, you should be most concerned with making your retirement savings a habit and getting every penny from your employer that you possibly can.

In Your 30s

By your 30th birthday, you should have a 401k balance that’s equal to your yearly salary. It seems aggressive, but that’s because the longer your money has to grow, the bigger your balance will be by the time you retire. When you’re in your 30s, make your goal to increase your contributions by 1-2% each year. The idea is to increase your contributions at about the same rate as your annual raise. That way, you’ll save more without feeling pinched.

In Your 40s

By age 40, your 401k will have experienced 15-20 years of both growth and ongoing contributions. Your goal should be to have three times your annual salary saved by this time, since this account needs to keep growing for another 20 years. This is the point where most people have enough financial stability in their life to increase their contributions even further than before. This is a great place to make the push to contribute the maximum amount in order to maximize your money’s time for growth.

In Your 50s

The nature of work is changing dramatically. By age 50, you should have 5-6 times your annual salary saved for retirement. This is because you won’t be able to make any withdrawals until you’re nearly 60, but you’ll still need a strong cushion to support your long-term retirement needs if you decide to retire early, take a second act, or simply step down from a high-paying position for more work-life balance. If you’re not quite there yet, you’ll want to consider taking advantage of the catch-up payments that only folks over 50 are allowed to make.

Beyond Your 50s

If you continue to work into your 60s and beyond, good for you! Continue to contribute enough of your salary that you’re maximizing any match from your employer. You’re never too old to walk away from free money! Then, use a tool like Personal Capital to help you decide whether it’s best to continue 401k contributions or use a different investment vehicle, since your portfolio needs may have changed.

When Can I Withdraw from my 401k?

The whole point of investing in a 401k is to ensure you’ll have money to spend during your retirement. That’s why you’re not eligible to take any withdrawals until you turn 59 ½. If you do, you’ll pay a 10% penalty for early withdrawals, in addition to any taxes. You’re not required to start withdrawing from your 401k until you turn 70 ½. So most financial experts recommend waiting as long as possible before withdrawing so that your balance can continue to reap the rewards of compound interest.

What happens to my 401k if I leave my company?

Almost nobody keeps the same job forever. If you leave your company, never fear! Most companies allow you to rollover an old 401k to your new 401k within a certain timeframe. But if not, you can always roll over your eligible funds into an IRA. This advice also applies to freelancers or self-employed professionals. You don’t have to work in the corporate world to set yourself up for a smooth, happy retirement!

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http://feeds.feedblitz.com/~/525575226/0/feedblitz/onesmartdollar~Dont-Waste-Your-Money-in-Bitcoin-Buy-Bitcoin-Cash-Instead/#respondThu, 01 Feb 2018 17:00:00 +0000https://www.onesmartdollar.com/?p=7934The world of cryptocurrencies is growing every day. New and more sophisticated digital currencies are entering the market and one of them is BitCoin Cash. Although it has not been around for long, its popularity keeps rising and crypto traders should not underestimate its powers. What is BitCoin Cash? The answer is quite simple. BitCoin […]

The world of cryptocurrencies is growing every day. New and more sophisticated digital currencies are entering the market and one of them is BitCoin Cash. Although it has not been around for long, its popularity keeps rising and crypto traders should not underestimate its powers.

What is BitCoin Cash?

The answer is quite simple. BitCoin Cash is a new cryptocurrency completely independent of Bitcoin, though its name and origin might suggest otherwise. BitCoin Cash originated in China when Chinese Bitcoin miners did not want their profits reduced by the cost to update the Bitcoin payment network. This was required so they could speed up transactions. In other words, BitCoin Cash emerged in reaction to the changes Bitcoin were going to require. As there are some Bitcoin exchanges that do not support BitCoin Cash, it will be interesting to watch its future development.

Where and how to buy Bitcoin Cash?

Just as any other cryptocurrency, BitCoin Cash is first mined using a program run on high performance computers. However, most people get the currency and earn profit through trading.

The concept of cryptocurrency trading is very simple. However, it is good to understand the market and study the historical development and current exchange rate trends. When you find the exchange rate low, you purchase the currency. Later, when its price goes up, you sell it and profit from the trade.

The best way to start is by setting up a demo account. Start exploring how trading works without taking any risks. When you have tested your skills and ready to start trading for real, all you have to do is deposit at least $100 into your personal trading account. You’re all set to enter the world of cryptocurrencies and your first step can be purchasing BitCoin Cash.

Why was BitCoin Cash introduced?

Bitcoin is known for its slow transaction time which is a result of each Bitcoin transaction being stored into a database. As the amount of stored data grows, transaction times get longer and can take hours. To give you an idea, the Bitcoin network can process around three transactions per second while Visa or Mastercard can complete nearly 2,000 transactions in that same time period.

The introduction of BitCoin Cash was a step to establish a new cryptocurrency with different network rules. Since the currency is independent of Bitcoin, you need to be aware that its exchange rate is different.

How is BitCoin Cash different from Bitcoin?

The transaction speed issues of Bitcoin were addressed by the implementation of SegWit2x (Segregated Witness) technology. This removes signature data and speeds up Bitcoin transactions. Most of the community approved of the change, however, some traders were opposed saying the data cannot be completely removed. Additionally, the implementation of SegWit2x might possibly change the whole identity and course of Bitcoin, decentralizing and de-democratizing it. In the end, the conflicting ideas resulted in the emergence of BitCoin Cash.

BitCoin Cash easily surpasses Bitcoin in the transaction speed. Its sophisticated software is able to process eight times as many transactions as Bitcoin after the implementation of SegWit2x. In fact, BitCoin Cash is an improved version of Bitcoin.

The problem is that BitCoin Cash has yet to gain sufficient credibility within the community. Since it actually opposes the original Bitcoin currency, many people hold back. On the other hand, some traders want to take advantage and invest in BitCoin Cash. They might be lucky and BitCoin Cash might go up in value in no time. However, they also have to be aware of the possibility of BitCoin Cash turning out to be a failure.

What is the future of BitCoin Cash?

According to analysts, BitCoin Cash might ultimately succeed and dominate the market. Not only is BitCoin Cash more progressive and faster, but it also has a well-known name which has already proven to be a benefit. Overall, BitCoin Cash seems to have a good chance of becoming a strong cryptocurrency.

Today, cryptocurrencies, including BitCoin Cash, are considered to be one of the best growing forms of investment. Plus, as more and more businesses accept cryptocurrency payments in exchange for their goods and services, you are not limited to holding the currency for investment purposes only.

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http://feeds.feedblitz.com/~/520419770/0/feedblitz/onesmartdollar~EquityMultiple-Review-Creating-a-Diversified-Real-Estate-Portfolio/#respondFri, 26 Jan 2018 15:01:05 +0000https://www.onesmartdollar.com/?p=7873EquityMultiple Review There are many investors that believe the era of buy and hold is dead. The idea is that investments don’t perform as they used to, and so the modern investor must come up with alternative methods of accumulating wealth in order to retire with their desired standard of living. To accomplish this, […]

EquityMultiple Review

There are many investors that believe the era of buy and hold is dead. The idea is that investments don’t perform as they used to, and so the modern investor must come up with alternative methods of accumulating wealth in order to retire with their desired standard of living. To accomplish this, many have turned to real estate.

When used properly, real estate does make a great investment. I’m not talking about the buy a home instead of renting a place to live argument, but rather investing in properties that are in turn rented out to others. The problem, however, is that many people don’t have the desire to manage properties, and property management companies quite often charge too much to justify the costs.

In the past few years, several companies have started offering a way for more people to break into the real estate world by taking away some of the frustration associated with it.

Methods of Investing in Real Estate

There are 3 ways you can invest in real estate; each one has different merits and different downsides.

Buy a Property – At its most basic you can purchase a property, find tenants, and collect rent. You earn an income and grow equity, but you may have to go without a tenant for several months, and you have to figure out maintenance.

Invest in REITs or Other Real Estate Funds – To get around owning the physical property, many investors turn to REITs or other funds backed with real estate. They are a little more stable and obviously lack the maintenance issues, but often you don’t completely know the properties behind them, and because they’re traded they are often subject to market fluctuations instead of the performance of the properties.

Use a Company like EquityMultiple – EquityMultiple is a bit different. Using crowd funding techniques, this company allows you to minimize your risk, remove the maintenance obligations, and allow you to reap the rewards of being invested in real estate.

How EquityMultiple is Different

EquityMultiple is not your typical real estate investment. The founders saw several needs throughout the commercial real estate industry, from those who were building or purchasing the properties, to those who wanted to invest in them, and combined everything into a digital real estate investment platform backed by specific properties.

Unlike a REIT, which you don’t control the properties that are bought and sold, investors with EquityMultiple choose exactly which project they want to help fund.

Unlike a physical property, which comes with a set of responsibilities, EquityMultiple investors don’t have to worry about anything like maintenance.

How EquityMultiple Works

After you have created an account, you can view all of the projects that seek funding. These properties (and their managers) have been thoroughly vetted so only those that are expected to generate cash are selected. Only 5% of those that apply make it through the vetting process.

The properties are categorized into three types: Equity, Preferred Equity, and Syndicated Debt. Depending on your goal or risk tolerance, you choose the one that looks most appealing.

Equity – If you’re willing to take more risk, you can earn a targeted annual cash return of 6%-12%. If the deal does really well, there’s no upward limit on how much you can earn.

Preferred Equity – Preferred equity holders are paid before equity holders are paid. Those investing in this method get a fixed return, but sacrifice unlimited upward potential.

Syndicated Debt – Essentially you act as the bank. This functions very much like a bond where you earn a fixed return with a repayment at the end of the term.

By taking this unique approach, you can invest directly into a specific property, and reap the rewards of loan repayment, growth, or a mixture of both, depending on how you structure your portfolio. Spreading your investments among many different properties with different goals results in a diversified real estate portfolio.

You can be an Investor or a Sponsor

As mentioned, there are two working parts to EquityMultiple: the investors and the sponsors. For those who are looking to generate funding for their real estate project, they can sign on as a sponsor. However, there are very specific “rules” to become a sponsor, and at this time only commercial ventures are being considered.

But You Must be an Accredited Investor

There’s one big caveat to those thinking this is a great way to break into the real estate investment world. At this time, only accredited investors are able to utilize the EquityMultiple platform. That means as an individual you must make over $200,000 or have a net worth (not including primary residence) of over $1 million. Essentially accredited investors can invest in securities that aren’t registered; such as “shares” of a building.

The Risks vs. The Benefits

If you meet the requirements, and you’re interested in investing, you still need to know the risks and the benefits. It may not be as picture perfect as the estimated 15%-20% return you see on the projection.

The Benefits – Minimal managerial expenses means that you keep more of your money. Most of the EquityMultiple projects have a management expense of between .25 and .50 basis points. You pick the investment, no guessing at what building(s) you own. Short terms; many are less than 3 years so you’re not tied up in one investment for decades. Backed by Mission Capital – a national leader in commercial real estate debt and equity finance.

The Risks – The project may fail. Like all investments, if something goes south everything is gone. Plus, it’s not liquid. While EquityMultiple will analyze buy-outs and trades on case by case basis, you are for the most part invested until the term is over. They’re new – EquityMultiple started in February 2015 and was able to start processing transactions in September of that year. That means they only have two and a half years of experience.

Invest in Real Estate without the Physical Property

Other companies have created similar platforms, and they prove to be very popular. While buildings may lose value in a recession, companies still need office space and people still need a place to live. Collecting rental income is recession resistant. Now it’s easy to invest in properties without having to buy the physical properties.

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http://feeds.feedblitz.com/~/519829204/0/feedblitz/onesmartdollar~SlingTV-Review-Is-It-Really-Worth-the-Per-Month/#respondWed, 24 Jan 2018 15:46:08 +0000https://www.onesmartdollar.com/?p=7881After taking a look at my budget last year, I knew I had to make some cuts. After looking at different options, one of the decisions I made was to give up cable. When I called the cable company to cancel my contract, I admit I was a bit nervous. But that nervous feeling was […]

After taking a look at my budget last year, I knew I had to make some cuts. After looking at different options, one of the decisions I made was to give up cable. When I called the cable company to cancel my contract, I admit I was a bit nervous. But that nervous feeling was quickly replaced by the feeling of freedom and joy when I signed up for SlingTV instead. So for your reading pleasure, here’s my honest SlingTV review, plus a little background for those of you curious about replacing cable and freeing up more dollars each month!

What is SlingTV?

SlingTV is like cable for the 21st century, but with more flexibility and customization. There are two main packages of channels to choose from, Sling Orange and Sling Blue, with a ton of extra add on packages. Sling Orange is $20 per month, and Sling Blue is $25 per month. The extra add-on packages range from $5-$15 per month, making it super affordable to customize your entertainment experience.

How do I get SlingTV?

SlingTV is a streaming app that works similar to other streaming services, like Netflix or Amazon. On a mobile device, you download the SlingTV app and login. The SlingTV app is built into common streaming devices like Roku, Xbox, Apple TV, Amazon Fire, and lots of others. When I switched to SlingTV, I just signed in on my streaming device and it was ready to go! Fast, easy, and seamless, especially compared to installing cable.

Does SlingTV have the channels I want?

Unlike cable, SlingTV gives you a ton of control over which channels you want and which ones you don’t, so you save a ton of money by eliminating the channels you never watched anyway. The Sling Orange channel list (my package!) includes favorites like ESPN/ESPN2/ESPN3, TNT, AMC, CNN, HTGV, Disney Channel, Cartoon Network, Comedy Central, A&E, TBS, Food Network, BBC America, Lifetime, History Channel, and Travel Channel. There are a few more channels in there, but you get the picture.

Sling Blue has a lot of overlap with Sling Orange, but they’re not exactly the same. The Sling Blue channel list features NFL Network, AMC, FX, CNN, HGTV, Comedy Central, USA, Cartoon Network, History Channel, TNT, Bravo, Food Network, Fox Sports 1 and 2, TBS, SYFY, BBC America, A&E, Lifetime, BET, National Geographic, Univision, TruTV, and Travel Channel. You can see how Blue and Orange differ slightly, but both offer a great variety of channels.

The Real Value of SlingTV

The best part about having two main packages to choose from is that it makes it super easy to customize your SlingTV package to your unique situation. When I first signed up, Sling Orange met literally all my entertainment needs. I was saving over $30 compared to cable, yet I didn’t feel like I was missing out at all.

But life is unpredictable, and a few months later, my boyfriend moved in and decided we needed more sports. That’s where the extra add-on packages came in to save the day! We bought the Sports Extra package for only $5/month and now he gets more access to sports than his friends with cable. Which is fine except that our house is now the game day house. I guess you can’t have everything.

I can’t say enough about how excited I am that SlingTV maximizes our entertainment budget now with the flexibility to change in the future. I’m sure there will come a time when the Kids Extra package will be the best $5 I spend each month. Or perhaps I’ll want to follow the next election closely and having the News Extra for only $5/month will give me all the access I could ever want.

And no, I’m not done yet. SlingTV has extras on extras – like the 4 extras deal for only $10 per month that includes the Kids Extra and News Extra along with the Comedy Extra and the Lifestyle Extra. So much flexibility, and such a great deal! This is why I encourage all my friends to ditch their cable. SlingTV’s packages actually enhance your entertainment experience while making TV cheaper than ever before.

TLDR: SlingTV Rocks

Switching from cable to SlingTV saved me hundreds of dollars last year without changing how I watch TV at all. It works seamlessly with the streaming device I already had, and has given me more freedom to individualize my entertainment experience than any other service out there. You can try it for seven days for free, but I guarantee you’ll only need the first day to see for yourself the awesome value of Sling.

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http://feeds.feedblitz.com/~/519829204/0/feedblitz/onesmartdollar~SlingTV-Review-Is-It-Really-Worth-the-Per-Month/feed/0https://www.onesmartdollar.com/data-privacy-day-10-ways-stay-safe-online-offline/Data Privacy Day: 10 Ways To Stay Safe Online and Offlinehttp://feeds.feedblitz.com/~/519263194/0/feedblitz/onesmartdollar~Data-Privacy-Day-Ways-To-Stay-Safe-Online-and-Offline/
http://feeds.feedblitz.com/~/519263194/0/feedblitz/onesmartdollar~Data-Privacy-Day-Ways-To-Stay-Safe-Online-and-Offline/#respondMon, 22 Jan 2018 14:00:56 +0000https://www.onesmartdollar.com/?p=7868It is no secret that within the past year, data breaches have been occurring at an increasingly high rate. According to the Identity Theft Resource Center’s reports, in 2016, more than 29 million records were exposed in 858 publicized breaches across sectors including financial, government, health care and education. The scariest part of that is […]

It is no secret that within the past year, data breaches have been occurring at an increasingly high rate. According to the Identity Theft Resource Center’s reports, in 2016, more than 29 million records were exposed in 858 publicized breaches across sectors including financial, government, health care and education. The scariest part of that is most victims are totally unaware they are affected until it is too late.

With Data Privacy Day approaching on January 28th, it is important to spread the word on how you can keep your personal data safe both on and offline.

Don’t carry too much personal information on you when you go out

Keep it simple and stick to the necessities like your ID and debit or credit cards. If you have an iPhone, consider using Apple Pay to help you carry even less. Avoid having your social security card on you in public.

Don’t share your personal information with just anyone

Before you hand out your personal information at your workplace, business, doctor’s office or even your kid’s school, ask why it is necessary. How they will protect/safeguard it? Are there are any ramifications if you do not share.

Be smart when ordering checks

Never have checks sent to your home, unless you have a secured mailbox. Instead, pick them up from your bank to prevent them from being stolen.

Guard your mailbox

Send any outgoing mail to the post office and, once it’s delivered, be sure to retrieve your mail and any packages as soon as possible. Keep in mind that post offices offer a vacation hold if you will be out of town for a number of days. This way your mail won’t pile up and sit in your mailbox for a long period of time, unsecure.

Tips to keep your personal information protected online:

Keep your passwords private

Be creative when coming up with a secure password for your personal information. Stronger passwords generally require a combination of letters, numbers, and special characters. Store your passwords in a safe place to help you keep track of them.

Know who you are sharing your information with

It is important not to give out your personal information over the phone, internet or mail, unless you are familiar with whom you are giving it to. If a company reaches out to you asking for your information claiming you have an account with them, search the company and your records before handing over your info. These scams happen every day so it is crucial to be aware and extra cautious.

Sign up for an identity theft protection service

A great way to protect your personal information from being stolen is by signing up with an identity theft protection service such as LifeLock. These services will alert you when they see any activity with your personal information and provide priceless peace of mind.

Don’t overshare on social accounts

A lot of times this happens unintentionally, but our tendency to overshare has become a very common way for cyber criminals to steal your information. By sharing your personal information on your social accounts, you make it much easier for someone to gather the necessary information to commit identity theft.

Use secure Wifi

You should remember that your wifi network extends beyond your office and household walls. If someone gains access to your wireless network, they can view personal information and files on your laptop or phone as well as keep track of the sites you have visited and gather your login and bank information. Make sure your network is protected by a WPN password and limit your time spent on public wifi.

Hopefully these tips help you protect your personal information. Help us spread awareness for Data Privacy Day and share this article. If you think of any other safety tips, please do share in the comments below!

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Thu, 18 Jan 2018 19:39:27 +0000https://www.onesmartdollar.com/?p=7861Saving money is a marathon, not a sprint. Whether you’re just starting your budget-friendly journey, or you’ve already built strong financial habits, you’re on the right path. But beware! There are many trends floating around that may seem like they’d be helpful for your wallet, but may end up costing you more in the long […]

Saving money is a marathon, not a sprint. Whether you’re just starting your budget-friendly journey, or you’ve already built strong financial habits, you’re on the right path. But beware! There are many trends floating around that may seem like they’d be helpful for your wallet, but may end up costing you more in the long run. Let me expose some of the most common spending traps and how to avoid them.

Leasing a Car

This is one of the most common budget traps. On the surface, leasing seems like a great option because of the following:

There’s usually a smaller down payment for leasing than buying

The monthly payment is usually lower for leasing than buying

You’re usually only locked in for two or three years.

But the tough truth of it is that if you really want to get the most bang for your buck, buying is a better option.

Although leasing may be cheaper during the time of your lease, it leaves with you with nothing of value at the end. If you do all the proper maintenance, experts say that most cars will last you up to 10 years. So after you’re done with the payments, you’re essentially driving your car for free – until it’s time for a new one. You can use an online calculator like this one to see how the numbers work out. In almost every case, buying will be the best long-term option for your wallet.

Capsule Wardrobes

Capsule wardrobes are a trend where your entire wardrobe consists of a minimal amount of clothing items all meant to complement each other, so that you can mix and match without having a whole closet stuffed full of clothes. This is an awesome way to get more use out of your clothing. And if that’s all you’re doing, sure, you’re going to save money. But that isn’t usually the case.

Let’s face it – if you were already utilizing all your clothes to their full potential, you wouldn’t need a capsule wardrobe. In most cases, giving your wardrobe a makeover to become a “capsule” wardrobe is going to cost you. Instead of rushing to the store to buy pieces for your new trendy capsule wardrobe, you’ll save more money in the long run by thrifting for in-season clothing and purchasing high-quality staples, like jeans, for the rest of your wardrobe.

Taking a “Staycation”

There’s evidence to suggest that taking a staycation will cost you more money than a true vacation. The next time you’re thinking about taking a few days off to explore places nearby, you may want to consider casting a wider net. If you plan effectively, your budget won’t suffer as much as you might think.

Not only will a real vacation make you feel more fulfilled, you’re more likely to be careful with your money when you’re not on your home turf. Travel services like Airbnb, airfare watch apps, and credit card reward points and miles make it easier than ever to spend a minimal amount of money while maximizing your R&R.

Spending Only Cash

Lots of people swear by the envelope budget, which is a type of budgeting method that involves using envelopes of cash to keep your spending under control. This is a great budgeting method for some people, but if you want to take advantage of 21st century tools to get ahead financially, this trend is going to end up costing you money. I just want to plug a couple of my favorite tools here – Personal Capital and Acorns. These tools work great because I make most of my purchases with my credit or debit card.

Acorn rounds up to the nearest dollar on my purchases and invests it automatically – helping me build up my savings every time I spend. If I were doing my spending in cash, who knows how long that spare change would sit around? Getting it invested helps me capitalize on the power of compound interest. It may not sound like a big deal, but those little acorns of change really do add up!

Using Personal Capital allows me to analyze my spending trends. On a cash budget system, I’d have to keep my receipts, enter them into a spreadsheet, and pray that I could figure it out myself. Sounds like 1995, if you ask me. Instead, Personal Capital can tell from my account activity what steps I need to take to enhance my financial wellbeing. It’s seamless, easy-to-use, and extremely powerful for anyone who wants to take full control of your budget. I can guarantee there’s no envelope out there that can give you that kind of value!